作者：AndrewAng/洪崇理
出版社：OxfordUniversityPress
副标题：ASystematicApproachtoFactorInvesting
出版年：2014-8-6
页数：720
定价：USD95.00
装帧：Hardcover
ISBN：9780199959327
内容简介
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Stocks and bonds? Real estate? Hedge funds? Private equity? If you think those are the things to focus on in building an investment portfolio, Andrew Ang has accumulated a body of research that will prove otherwise.
In his new book Asset Management: A Systematic Approach to Factor Investing, Ang upends the conventional wisdom about asset allocation by showing that what matters aren't asset class labels but the bundles of overlapping risks they represent. Making investments is like eating a healthy diet, Ang says: you've got to look through the foods you eat to focus on the nutrients they contain. Failing to do so can lead to a serious case of malnutrition-for investors as well as diners.
The key, in Ang's view, is bad times, and the fact that every investor's bad times are somewhat different. The notion that bad times are paramount is the guiding principle of the book, which offers a new approach to the age-old problem of where do you put your money? Years of experience, both as a finance professor and as a consultant, have led Ang to see that the traditional approach, with its focus on asset classes, is too crude and ultimately too costly to serve investors adequately. He focuses instead on "factor risks," the peculiar sets of hard times that cut across asset classes, and that must be the focus of our attention if we are to weather market turmoil and receive the rewards that come with doing so. Optimally harvesting factor premiums-on our own or by hiring others-requires identifying your particular set of hard times, and exploiting the difference between them and those of the average investor.
Clearly written yet chock-full of the latest research and data, Asset Management will be indispensable reading for trustees, professional money managers, smart private investors, and business students who want to understand the economics behind factor risk premiums, harvest them efficiently in their portfolios, and embark on the search for true alpha.
作者简介
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Andrew Ang（洪崇理）曾任哥伦比亚大学商学院金融和经济系主任，商学院讲座教授，于2015年加入全球最大的资产管理公司BlackRock出任董事总经理，主管因子投资策略团队。作为金融经济学家，作者致力于探究资产价格中所包含的风险和收益的本质，其研究领域涵盖债券、股票、资产管理和组合配置、另类投资等。
评论 ······
Important ideas simply explained. BTW, my first exposure to finance was being an RA for one of Andrew Ang's paper coauthored with Francis Longstaff.
挺好的 很general的讲了asset allocation. Part I 讲了基础概念 Part II讲了一些应用 Part III 各种基金啥的。 Equity 讲了Factor Model, size factor, value factor and momentum. Bond就是讲了risk premiums， credit, illiquidity. 还讲了Rate 和 Fed R…
看了40%过了很长一段时间没有继续，于是又从头开始读。Ang师赛高，整本书写得非常学术，相当于一篇700多页的paper；part II是精华，idea等于不断扩充Fama-French model; part I把最基本的概念写得极其复杂; part III 没有读的必要除非连最基础的alternative investments形式都不了解。世上没有通天宝典，但是自由选取factor倒是一个很…
Good book，I think the first chapters are better than letter. We think by factors ,this book introduces some important factors ,such as equity ,bond ,value,momentum,volatility.but I think the book don’…
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